Treasury just dropped a financial bomb, but Bidenomics means the worst is yet to come

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Treasury just dropped a financial bomb, but Bidenomics means the worst is yet to come
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The Biden administration is promising more government spending and multi-trillion-dollar deficits forever.

With all the chaos and heartbreaking loss of life around the world today, few noticed the Treasury Department drop a financial bomb: the deficit for fiscal year 2023 was $1.7 trillion, growing 23 percent in a single year as the Treasury used $879 billion just to service the federal debt. But Bidenomics means the worst is yet to come, and multi-trillion-dollar deficits are the new normal. The impetus for these massive deficits is federal government spending, which tipped the scales at $6.

But just looking at the spending that’s officially included in the last fiscal year is terrifying. It has resulted in a truly unprecedented level of federal debt: now more than $33.5 trillion. The breakneck pace of borrowing is increasing almost daily, with the Treasury borrowing $500 billion just in the first three weeks of the current fiscal year, which began October 1.

This all combines into a debt death spiral that will cost the Treasury—and therefore the taxpayer—over $1 trillion just in interest during the current fiscal year, which won’t reduce the debt by a penny. Nevertheless, the Treasury recently praised what should’ve been described as a horrific annual report as proof that Bidenomics is working, "building the economy from the middle out and bottom up.

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